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Banks May Be Required to Provide More Information to Homeowners

Mortgage News > Banks May Be Required to Provide More Information to Homeowners

Date: 04/10/2012

In an effort to help borrowers stay in their homes and avoid foreclosure the Consumer Financial Protection Bureau (CFPB) and its director Richard Cordray plan to outline a set of rules for banks regarding the information they must disclose to their borrowers.

The rules are intended to have the financial institutions provide more information as well as clearer information to their homeowners about the mortgages they hold. Monthly statements will be more readable, it will be necessary for mortgage servicers to make more of a “good faith effort” in contacting their borrowers who continually fail to make payments and inform them of their options in avoiding foreclosure.

"The mortgage-servicing rules we are considering reflect two basic, common-sense principles: no surprises and no runarounds," Cordray said.